Waterways Leisure Tourism IPO
Waterways Leisure Tourism Limited
Minimum investment
Waterways Leisure Tourism IPO Details
Bidding date
23 Jun - 25 Jun 2026
Price range
₹769 - ₹808
Minimum quantity
18
Minimum investment
₹13,842
Issue size
₹585 Cr.
IPO doc (link)
RHP docs
Listing exchange
NSE/BSE
Waterways Leisure Tourism IPO Dates & Timeline
IPO Objectives & Issue Structure
Total Issue Size:
₹585 Crore
Fresh Issue: 100% (₹585 Cr)
OFS: 0% (₹0 Cr)
Fresh Issue – ₹585 Crore
- Payment towards deposit, advance lease rental and monthly lease payments to Baycruise Shipping and Leasing (IFSC) Private Limited - ₹480.01 Cr
Offer for Sale – ₹0 Crore
Before Issue: 99.27%
After Issue: 89.35%
Shareholder Lock-in Schedule
Lock-in / Stabilization | Timeline |
|---|---|
Minimum Promoter Contribution (20% of post-issue share capital) | 3 Years from the date of allotment |
Promoter shareholding in excess of 20% of post-issue share capital | 1 Year from the date of allotment |
Pre-IPO shares held by non-promoters | 6 Months from the date of allotment |
Note: Retail IPO investors have no lock-in and can sell shares from the listing day.
About Waterways Leisure Tourism IPO: Company Overview
Founded in November 2020, Waterways Leisure Tourism Limited is one of India's leading domestic ocean cruise operators, offering luxury cruise experiences inspired by Indian culture, hospitality, cuisine, and entertainment. The company operates the cruise vessel MV Empress, which serves several domestic destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, and Puducherry, along with selected international routes such as Sri Lanka, Thailand, Singapore, and Malaysia.
As of March 31, 2026, the company had served more than 730,000 guests and covered over 321,000 nautical miles. Waterways Leisure Tourism held an estimated 79% market share by value in India's domestic ocean cruise industry during FY2025, making it a dominant player in the sector. The company's flagship vessel, MV Empress, offers 796 cabins across multiple categories and features premium amenities such as restaurants, live entertainment, casino facilities, spa services, fitness centers, swimming pools, gaming zones, children's activities, and dedicated spaces for corporate events and weddings. The company follows an asset-light business model by outsourcing key operational functions, helping it maintain scalability and operational efficiency. Waterways Leisure Tourism plans to strengthen its market position through fleet expansion with the addition of Norwegian Sky and Norwegian Sun.
Strengths & Risks of Waterways Leisure Tourism IPO
Dominant Market Position: The company is the leading domestic ocean cruise operator in India with a significant market share, providing a competitive advantage in a niche industry.
Strong Brand in Cruise Tourism: Waterways Leisure Tourism has established itself as a pioneer in delivering Indian-themed luxury cruise experiences.
Comprehensive Customer Experience: The company offers a wide range of amenities, entertainment options, dining experiences, and event facilities, attracting diverse customer segments.
Asset-Light Business Model: Outsourcing key operational functions allows the company to focus on growth, customer experience, and profitability while maintaining operational flexibility.
Growth Potential: India's cruise tourism market remains underpenetrated, providing long-term growth opportunities for established operators.
Significant Decline in Profitability: Profit After Tax fell from Rs. 168.19 Crore in FY2025 to Rs. 52.14 Crore in FY2026, indicating pressure on earnings.
Revenue Growth Concerns: Revenue declined slightly from Rs. 597.68 Crore in FY2025 to Rs. 586.99 Crore in FY2026, suggesting limited recent growth.
Rising Debt Levels: Total borrowings increased substantially to Rs. 101.90 Crore in FY2026 from Rs. 30.44 Crore in FY2025, resulting in a Debt-to-Equity ratio of 1.27.
High Valuation: Based on FY2026 earnings, the IPO is priced at a P/E ratio of approximately 100.96x, which may be considered expensive compared to many listed companies.
Industry-Specific Risks: The cruise tourism industry is highly dependent on consumer discretionary spending, tourism trends, fuel costs, and economic conditions.
Waterways Leisure Tourism Financials: Revenue, Profit & EBITDA
586.99 Cr.
Mar'26
52.14 Cr.
Mar'26
117.48 Cr.
Mar'26
How to Apply for Waterways Leisure Tourism IPO: Step-by-Step Guide
- Research the IPO:Review the prospectus and company details.
- Open accounts:Ensure you have a demat and trading account.
- Check dates:Note the IPO opening and closing dates.
- Apply online:Log in to your brokerage account and complete the IPO application form.
- Make payment:Pay through your linked bank account.
- Submit application:Confirm and submit your application.
- Track status:Monitor the allotment status and check for shares in your demat account upon listing.
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